Nigeria’s refineries contributed only 10 per cent of the refined petroleum consumed in the country in 2017, an analysis of data supplied by the Nigerian National Petroleum Corporation (NNPC) by Daily Trust newspaper showed.
The figures indicated that 1.5 billion liters of the Premium Motor Spirit (PMS), consumed in the country in 2017 were refined locally.
NNPC imported 12.97 billion liters of the product into the country in 2017, representing 90 per cent of the volume of the product distributed by the corporation.
The most productive months for the Nigerian refineries were January and February 2017 when they produced 235 million and 141 million liters of PMS respectively.
On the 2nd of March 2018, the Group Managing Director of NNPC, Mikanti Baru, said Nigeria is the only member of the Organization of Petroleum Exporting Countries (OPEC), still importing fuel.
He also said Nigeria is the largest importer of refined petrol in the globe.
Reuters also reported that the contract term for firms who export Nigeria’s crude oil, have been extended from one to two years.